Gold prices hit a new record, exceeding $2,940 per ounce, amid rising trade tensions and shifting central bank strategies. While traditionally supported by a weak dollar or low U.S. Treasury yields, this rally is largely attributed to economic uncertainty, pushing investors towards gold as a safe-haven asset. Central banks, particularly in China, have increasingly diversified reserves towards gold, enhancing global demand. However, there are concerns of potential market corrections due to inflation pressures and rising Treasury yields, which could lower gold demand in the short term.
Last week, gold prices reached a new all-time high, surpassing $2,940 per ounce on February 10, 2025.
Gold has demonstrated strength even without the traditional support of a weak dollar and declining U.S. Treasury yields.
Growing concerns over a potential trade war have led investors to seek refuge in this precious metal, considered a safe-haven asset.
Market analysts project that after this sharp rally, gold could retreat to around $2,790 per ounce.
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